Please be aware that most taxable account 1099s and consolidated tax forms for brokerage and managed accounts may not be mailed out by the end of January. These types of accounts, because of their complexity of reporting, take a couple of extra weeks to be mailed out. Typically they are available by the middle of February.
As we approach tax season, below is important information regarding the documents
related to investment accounts with our firm.
For IRA and retirement account distributions done in the previous year, the 1099-R forms should be mailed out and available by January 31st each year.
Copies of tax documents may be found online for several of our investment partners if you have signed up for online access and/or paperless statements. You will need to register directly with these companies to access this information if you have not already done so.
If you have a qualified or retirement account (i.e. IRA, Roth IRA, 403b, Variable annuity) you will not receive a 1099 UNLESS you withdrew funds from these types of accounts. These accounts are tax advantaged and earnings on them are not taxable. Form 5498, which summarizes contributions, rollovers and fair market value, will be sent to you later in the year and is not required for your tax filing.
Time Saving Tip: If you have an account with TD Ameritrade and use a tax program such as Turbo Tax, you may be able to download your tax information directly from TD Ameritrade. The User ID needed will be your account number and the password will be the Document ID number located at the top of the consolidated tax statement you receive. This will save you time so you will not have to manually enter each transaction.
Please contact Teresa Joelson at 830-609-6986 if you would like to register for online access to statements, or need assistance.
Please be reminded that all 1099 forms MUST be reported on your taxes, even if the activity noted was not a taxable event or you did not withdraw funds.
K-1 forms for Limited Partnership investments such as oil & gas programs and equipment leasing programs are typically not sent out until mid-March or later. If you received a K-1 form for an investment in a retirement type account, the custodian will report this for you, if necessary.
Going forward the majority of cost basis information will be reported on your 1099 consolidated tax statement. Additional cost basis reports or information for those that need them, can be accessed online, or you may contact our office for assistance at 830-609-6986 or Teresa Joelson at firstname.lastname@example.org by email.
* CIS Wealth Management Group does not give tax advice. Please consult with your CPA or Tax Advisor with any tax questions.